Wearable Medical Devices Market

Wearable Medical Devices Market size reached USD 20.9 billion in 2021 and is estimated to reach USD 74.9 billion in 2029 and the market is estimated to grow at a very high CAGR of 17.3% from 2022-2029 attributed to increasing prevalence of lifestyle associated disorders.

To have an edge over the competition by knowing the market dynamics and current trends of “Wearable Medical Devices Market,” request for Sample Report here

Wearable Medical Devices Market Key Drivers

Global Wearable Medical Devices Market is primarily driven by growing prevalence of chronic diseases around the world expansion of healthcare sector, increase in product approvals and increase in the number of patients. Sedentary lifestyles have significantly increased all-cause mortality and risks of chronic diseases such as diabetes mellitus and hypertensions. Specifically, prevalence of diabetes has increased significantly in a last few years, as per World Health Organization’s estimates, a 3% increase was observed in diabetes mortality rates by age between 2000 and 2019. And diabetes combined with kidney diseases caused approximately 2 million deaths worldwide in 2019. Such trends are expected to increase the demand for wearable medical devices in forthcoming years, as these devices can help consumers to monitor several parameters such as blood sugar levels and blood pressure.

Nowadays, people are getting inclined towards maintaining physical health and increasingly participating in fitness related activities, which is expected to have positive impact on market’s growth. Companies are focussing on developing innovative products which can help consumers to track their daily activities such as calories burned, steps walked and monitoring heart rate. And regular study of such statistics can provide a good health plan to consumers. Furthermore, increasing number of fitness club counts worldwide, will further boost the demand for these wearable devices in the future. For instance, approximately 13,488 gyms and fitness clubs are present in Canada. Major players are focussing on developing new wearable devices by using advanced technologies such as Artificial Intelligence (AI) and 5G. Effective use of AI can help in predicting patients who are most likely to have post-operative complications, which will allow healthcare systems to interfere at early stages. With the deployment of more 5G networks, healthcare organizations can make best of utilize AI to provide best care in real time. Thus, adoption of these technologies, will create more growth opportunities for Wearable Medical Devices Market in the forthcoming years.

Post-covid-19, consumers focussing more on their health and are developing interest in purchasing gadgets like smartwatches which can help them to monitor their oxygen levels, which is accelerating the market growth. However, issues related with data security and cost-intensive nature of these wearable devices, is restricting the growth of Wearable Medical Device Market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Diagnostic Devices Market is expected to hold the largest market share.

Neuro monitoring devices, which is a part of diagnostic device is gaining popularity in the market due to increasing prevalence of neurological disorders worldwide. For instance, as per report published by National Library of Medicines, migraines and severe headaches affect approximately 1 out of every 6. In this situation neuromodulation devices are used to treat and diagnose migraines. While, therapeutic device segment is expected to grow at the fastest rate due to increasing demand for   asthma management devices, insulin management and wearable pain reliever devices.

Strap/Clip/Bracelet captured the largest market share in 2021.

Products such as smartwatches are gaining traction in the market as it allows consumers to monitor mobility and respiratory rates. In addition, manufacturers are developing these types of smartwatches with Bluetooth connectivity and cloud features, which is accelerating the segment’s growth.

Based on Application, Home Healthcare will lead the market owing to rising geriatric population and increase acceptance for telehealth.

Consumers are looking for alternatives which can help them to reduce their healthcare expenditure, coupled with increasing prevalence of chronic diseases, are some of the factors boosting the demand for home healthcare wearable medical devices.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Based on Region, North American region is estimated to hold the largest market share.

North American Wearable Medical Devices Market is driven by increasing demand for smartphone-based healthcare devices, rising prevalence of diabetes and cancer, high-healthcare expenditure and proliferation of 5G technology. In addition, major companies in United States are partnering with pharmaceutical firms, to combine ECG technology with leading blood pressure device to serve their customers better and expand access to remote care. Such alliances will create more growth opportunities in North American region.

Asia-Pacific Medical Wearables Market is driven by increasing geriatric population, favourable government regulations and rise in consumers expenditure on healthcare services. As per Ministry of Internal Affairs and Communications of Japan, approximately 29.1% people in Japan in aged more than 65 years.

Top Market Players

Various notable players operating in the Wearable Medical Devices Market includes Lifewatch AG, Polar Electro OY, Omron Corporation, Withings SA, Jawbone Inc., Garmin Ltd., Philips Healthcare, Fitbit Inc., Sotera Wireless, Inc, and Drägerwerk AG & Co. KGaA, among others.

Key Developments: 

• • In April 2021, Alvalux medical announced that it has been granted second patent by United States Patent and Trademark office for its wearable ocular insert device. This device is designed to treat retinal diseases such as age-related macular degeneration and diabetic retinopathy.
  • In March 2021, EOFlow announced that it has released a new smartphone application, which is developed to be used in tandem with wearable insulin delivery devices.
  • In January 2021, Samsung announced that it will soon launch its mobile health tracking application in 31 countries. This app will be available for both android and IOS device, helping them to track health as per convenience.
  • In June 2020, Philips Healthcare entered into a partnership with the American Telemedicine Association to support the adoption of telehealth in different industries. This partnership focusses to accelerate the adoption of telehealth across the industry.
  • In April 2020, OMRON Corporation, a leading personal heart health and wellness technology developer successfully launched Focus TENS Therapy for Knee as the latest addition to its line of drug-free pain management products.

Medical Device Market Segmentation

The global wearable medical devices market is segmented into product, site, application, and regions. Based on the product, the market has been segmented into diagnostic devices and therapeutic devices. Based on the site, the market has been segmented into handheld, headband, strap/clip/bracelet, shoe sensors, and others. Based on the application, the market is segmented into sports & fitness, remote patient monitoring, and home healthcare.

For detailed scope of the “Wearable Medical Devices Market” report request a Sample Copy of the report

Market Segmentation

Global Wearable Medical Devices Market by Product

• • Diagnostic Devices
    • Vital Sign Monitoring Devices
      • Heart Rate Monitors
      • Activity Monitors
      • Electrocardiographs
      • Pulse Oximeters
      • Spirometers
      • Blood Pressure Monitors
      • Others
    • Sleep Monitoring Devices
      • Sleep trackers
      • Wrist Actigraphs
      • Polysomnographs
      • Others
    • Electrocardiographs Fetal And Obstetric Devices
    • Neuromonitoring Devices
      • Electroencephalographs
      • Electromyographs
      • Others
  • Therapeutic Devices
    • • Pain Management Devices
        • Neurostimulation Devices
        • Others
      • Insulin/Glucose Monitoring Devices
        • Insulin Pumps
        • Others
      • Rehabilitation Devices
        • Accelerometers
        • Sensing Devices
        • Ultrasound Platform
        • Others
      • Respiratory Therapy Devices
        • Ventilators
        • Positive Airway Pressure (PAP) Devices
        • Portable Oxygen Concentrators
        • Others

Global Wearable Medical Devices Market by Site

• • Handheld
  • Headband
  • Strap/Clip/Bracelet
  • Shoe Sensors
  • Others

Global Wearable Medical Devices Market by Application

• • Sports And Fitness
  • Remote Patient Monitoring
  • Home Healthcare

Global Wearable Medical Devices Market by Region

• • North America Wearable Medical Devices Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Site
    • By Application
    • US All-Up
    • Canada Market All-Up
  • Europe Wearable Medical Devices Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Site
    • By Application
    • UK Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Wearable Medical Devices Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Site
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Wearable Medical Devices Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Site
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Wearable Medical Devices (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Lifewatch AG
  • Polar Electro OY
  • Omron Corporation
  • Withings SA
  • Jawbone Inc.
  • Garmin Ltd.
  • Philips Healthcare
  • Fitbit Inc.
  • Sotera Wireless, Inc
  • Drägerwerk AG & Co. KGaA